Yesterday was marked by the growth of the cryptocurrency market, Bitcoin also added more than three per cent in price. The popular trader and analyst Josh Rager shared his thoughts about the events and gave his forecast for the near future on his Twitter account.
$BTC - As you can see from the blue lines and volume profile Bitcoin price managed to break and close above the highest volume areas in this range— Josh Rager 📈 (@Josh_Rager) October 8, 2019
This will now typically act as support
$8,380s could act as resistance but price can run up to $8500s with a break above there pic.twitter.com/06PaiqdjTa
A new support level
Rager believes that Bitcoin's attempt to gain a foothold above the highest volume area in today's range is very important. Thus, cryptocurrency received a new level of support. The next resistance, according to technical analysis, will be the mark of $8380, but the price can easily break through $8500 and go even higher.
More thoughts from analyst
Regarding the general situation, the analyst said the following:
“There is support here from July 2018 as well as May 2019, so it is not unlikely that we will see a short-term bounce. In addition, there is a hidden bullish divergence with OBV’s lower low versus price, suggesting bullish continuation.”